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he will continue to attract the deficit. he'll look at the tax reform which i think is very important, if you get any help from the republicans whatsoever which he got none of for the last two years we'll see real tax reforms and the implication of the tax codes and he'll get his jobs bill passed if the congress will cooperate which they haven't done for two years. >> tom stemberg, your reaction to howard's definition here and your agenda? larry, when you've been in office for four years, you shouldn't be evaluated on your plans. you should be evaluated on your performance, it's at best, d-minus and our jobs situation are running trillion dollar deficits and america's dollar and the stock price, if you will, is at an all-time low and that's not a good record. >> excuse me, our stock price is up tremendously since barack obama took office. wall street's done really well. the reason is corporate profits. >> our currency. >> our economy is recovering and the people know it. >> thank you very much. tom stemberg, ceo of staples.
he will continue to attract the deficit. he'll look at the tax reform which i think is very important, if you get any help from the republicans whatsoever which he got none of for the last two years we'll see real tax reforms and the implication of the tax codes and he'll get his jobs bill passed if the congress will cooperate which they haven't done for two years. >> tom stemberg, your reaction to howard's definition here and your agenda? larry, when you've been in office for four years,...
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it's okay to reduce the deficit, just not in my backyard. >> right, right. same issue with oil. >> we'll take a break. we are coming back with the closing countdown and a recap of the date in a moment. >> and just moments away from the kickoff of earnings season. this is what we've been waiting for. alcoa chairman and ceo klaus kleinfeld will join us. you're watching the "closing bell" on cnbc, first in business worldwide. ally bank. why they're always there to talk. i love you, james. don't you love me? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires! uhhh. (cries) a machine can't give you what a person can. that's why ally has knowledgeable people there for you, night and day. ally bank. your money needs an ally. like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ame
it's okay to reduce the deficit, just not in my backyard. >> right, right. same issue with oil. >> we'll take a break. we are coming back with the closing countdown and a recap of the date in a moment. >> and just moments away from the kickoff of earnings season. this is what we've been waiting for. alcoa chairman and ceo klaus kleinfeld will join us. you're watching the "closing bell" on cnbc, first in business worldwide. ally bank. why they're always there to talk....
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biggest debt and deficits as a share of gdp facing the country since world war ii. this election will have particularly rofund consequences on text market next year. >> you're looking for a profound pull back in the s&p. we're talking 100 points. 1360 is where your target is. what's that predicated on? >> a lot is the election and earnings environment. if we take the election and set it aside for now the earnings environment is deteriorating more than investors are willing to cop to at this point. first, fourth quarter of this year, we're supposed to see a remarkable recovery in earnings which i think is highly unlikely considering the macro economic climate. then an earnings kbroet in 2014. so with this fiscal uncertainty, investors have gotten a little bit ahead of themselves in terms of optimism. >> your overstating the election's impact on what the stock market will do? we had jack vogel on at the top of the show that said the market will get it wrong. >> that's possible the market gets it wrong depending on the outcome of the election. clearly this is a very ti
biggest debt and deficits as a share of gdp facing the country since world war ii. this election will have particularly rofund consequences on text market next year. >> you're looking for a profound pull back in the s&p. we're talking 100 points. 1360 is where your target is. what's that predicated on? >> a lot is the election and earnings environment. if we take the election and set it aside for now the earnings environment is deteriorating more than investors are willing to...
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the fy-2012 deficit was $1.89 trillion, $207 billion less than the 2011 deficit. the 2012 deficit came in lower than previously forecasted as the treasury department and omb. $121 billion less than forecasted at the mid session review. as a percentage of gdp, says treasury and omb, the fy-2012 deficit was 7% down from 8.7% in fy-2011. the reduction from last year was due to higher receipts and lower outlays resulting in part from a stronger economy. also, a statement from treasury secretary tim geithner accompanying the release of these budget details. quote, the president has put forward a balanced proposal to further strengthen the economy and reduce the country's future deficits. it's time for congress to act on those necessary steps to it help sustain economic growth for years to come. of course, to add the fuel to the budget and deficit debate, fiscal cliff, and obviously ahead of next week's all-important debate between president obama and mitt romney. back to you guys. >> it's going to be fodder for our next conversation, i'm thinking. >> absolutely. right
the fy-2012 deficit was $1.89 trillion, $207 billion less than the 2011 deficit. the 2012 deficit came in lower than previously forecasted as the treasury department and omb. $121 billion less than forecasted at the mid session review. as a percentage of gdp, says treasury and omb, the fy-2012 deficit was 7% down from 8.7% in fy-2011. the reduction from last year was due to higher receipts and lower outlays resulting in part from a stronger economy. also, a statement from treasury secretary tim...
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deficit. >> listen, i agree with that. frankly, simpson-bowles is better than anything else we've got so we might as well take it. there's things to like in here. flattening tax rates and getting rid of deductions? i don't think people realize this but simpson-bowles gets rid of the mortgage interest deduction, it gets rid of major tax expenditures that "cost the u.s." revenue each year. dpou that the economy can operate more efficiently. my comment is it's just not very big given the amount of debate that it engenders. >> brian had a wonderful list of all the things people might do, might open up their wallets once they feel they've got cough dense in their leaders. we have a lot of uncertainty right now. we don't know who is going to be in the white house in november. we don't know what's going to happen with the fiscal cliff. once these things are said and done, how much of an economic boost would you expect? how much confidence would it instill? >> it is a good question. i take my hat off to blankfein especially on tha
deficit. >> listen, i agree with that. frankly, simpson-bowles is better than anything else we've got so we might as well take it. there's things to like in here. flattening tax rates and getting rid of deductions? i don't think people realize this but simpson-bowles gets rid of the mortgage interest deduction, it gets rid of major tax expenditures that "cost the u.s." revenue each year. dpou that the economy can operate more efficiently. my comment is it's just not very big...
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we talk a lot about the deficit, the economy, jobless rates. qe-3 and cyber threats. jane wells is here with what could be the single biggest issue that could destroy america. jane. >> this is just coming into the news room. we've been researching it. it's a national epidemic. butt dialing. i've done it, you've done it. i often butt post on facebook the letter "p" several times. it's not funny when it comes to the 911 phone call centers. for every 100 calls made, 40 are action accidental. that's 100 million calls a year. cell phones are a good things because it helps report accidents and crimes more quickly. when you're butt dialing, it becomes a time waster. in some community, police have to go out and search down a silent call. the bigger the city, the bigger the problem. in new york city, 10,000 butt dial calls to 911 every day. >> what's the cost of that? got to be hundreds of millions of dollars. >> i don't know. you know what? i blame wall street fat cats and their fat fingered flash crash trading. >> all i can say is that is a
we talk a lot about the deficit, the economy, jobless rates. qe-3 and cyber threats. jane wells is here with what could be the single biggest issue that could destroy america. jane. >> this is just coming into the news room. we've been researching it. it's a national epidemic. butt dialing. i've done it, you've done it. i often butt post on facebook the letter "p" several times. it's not funny when it comes to the 911 phone call centers. for every 100 calls made, 40 are action...
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think in the republican world they think the spending side is easiest place to go to try and close the deficit. >> it isn't. what's occurring in my campaign there's a slogan we're going to have a balance budget that takes many town to 18% gdp and would savage everything people care about. so you've got to come in with the most controversial ones. that's again why the two most important and largest programs are controversial to get after social security and medicare. when you're dealing with things that are controversial that can be demagog, it's terribly important to start off with both a republican and a democrat on board who are willing to stay the course against often times opposition in your party. >> you're running against one of those spending cuts republicans who really wants to slash the budget, but is a beneficiary herself of the agriculture programs which was one of the biggest programs in nebraska. >> well, that's true. what i'm saying in this one is that the simple slogan balancing budget through a constitutional amendment isn't going to get the job done. it's going to take signifi
think in the republican world they think the spending side is easiest place to go to try and close the deficit. >> it isn't. what's occurring in my campaign there's a slogan we're going to have a balance budget that takes many town to 18% gdp and would savage everything people care about. so you've got to come in with the most controversial ones. that's again why the two most important and largest programs are controversial to get after social security and medicare. when you're dealing...
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. >> coming up, will our children hate us because of our debt and deficit? the architect of greece's debt deal is here with a warning letter later on the "closing bell." >>> also coming up, nightmare in california. why the golden state is the only one in the country to see higher pump prices over the past couple of weeks and what that could mean for the rest of us. >>> up next, mixed signals. major averages may be near multihighs but we'll make sense out of the good and ugly. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-
. >> coming up, will our children hate us because of our debt and deficit? the architect of greece's debt deal is here with a warning letter later on the "closing bell." >>> also coming up, nightmare in california. why the golden state is the only one in the country to see higher pump prices over the past couple of weeks and what that could mean for the rest of us. >>> up next, mixed signals. major averages may be near multihighs but we'll make sense out of the...
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we have a $1 trillion deficit as far as the eye can see. hopefully democrats will be willing to give something on entitlement reform and republicans will be able to compromise on some of their issues as well. but this is not easy. this is not easy at all. that's why i think we all ought to give the gang of eight the widest possible latitude to come up with some type of a bipartisan compromise, but it won't be easy. >> handicap it, both of you. are we going to solve the fiscal cliff before we get to january 1? >> i think president obama holds all the cards here because basically if congress does nothing, the bush tax cuts are going to expire completely. and by the way, that would solve many of our fiscal problems over the next decade. let's remember, those bush tax cuts were meant to be temporary. temporary. >> you'd have to get rid of them for every single income level. >> i was just looking at percentage. >> we cannot afford them now. >> so you would raise taxes on the middle class as well? >> realistically, i think those bush tax cuts hav
we have a $1 trillion deficit as far as the eye can see. hopefully democrats will be willing to give something on entitlement reform and republicans will be able to compromise on some of their issues as well. but this is not easy. this is not easy at all. that's why i think we all ought to give the gang of eight the widest possible latitude to come up with some type of a bipartisan compromise, but it won't be easy. >> handicap it, both of you. are we going to solve the fiscal cliff before...
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if you let the bush tax cuts expire as a whole, 80% of our deficit problems are taken care of with that, and it's an actual number, it's not 40 billion a year. it's an actual number. >> then you're raising taxes on the middle class. >> right, you're broadening the base. you're not going to be able to do that without -- >> but obama and romney pledged they don't want to raise taxes on the middle class. >> is it a realistic idea two years from now, three years from now? >> that's an important question, because as much as so many people, and i'm one of them, admire simpson-bowles and admire particularly i think the heroic contributions, and they really are, that alan simpson and erskine bowles made to get us close to a the resolution, it is a sweeping tax reform, and historically, tax reform has taken in the modern era years to do. the '86 tax act, the last time we had major tax reform in this country took four years to do, first introduced in '82 and so the idea that in the lame duck session we'll have big tax reform for the first two months of 2013 -- >> bowles and simpson would say get
if you let the bush tax cuts expire as a whole, 80% of our deficit problems are taken care of with that, and it's an actual number, it's not 40 billion a year. it's an actual number. >> then you're raising taxes on the middle class. >> right, you're broadening the base. you're not going to be able to do that without -- >> but obama and romney pledged they don't want to raise taxes on the middle class. >> is it a realistic idea two years from now, three years from now?...
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you know, these deficits are struggling. lou: you are campaigning for governor romney in ohio. he will continue to do so. in ohio, when they have a 7.2% unemployment rate -- they are enjoying a far better recovery from the recession that nearly all of the country. what is the most persuasive message that you can take to the voters they are? >> well, i think in the state of utah, we are in spite of what washington is doing. but it's not going to be too long. we are all going to bear the burdens that the president has put on us. we will feel the pain the president has put on us. we are doing well in spite of barack obama, nothing thinking is what happenedn ohio. what we need to do is we need to get people on their feet and ready to go, get them fired up. it is obvious that during the debate, barack obama has no idea how to get the economy going. mitt romney definitely knows the country this country needs to take the one thank you for joining us, mia love. critics may have panned a new liam neeson movie. a break and $50 million in its debut, doubling the opening week. we're coming
you know, these deficits are struggling. lou: you are campaigning for governor romney in ohio. he will continue to do so. in ohio, when they have a 7.2% unemployment rate -- they are enjoying a far better recovery from the recession that nearly all of the country. what is the most persuasive message that you can take to the voters they are? >> well, i think in the state of utah, we are in spite of what washington is doing. but it's not going to be too long. we are all going to bear the...
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washington has run four straight years of trillion dollar deficit he has not cut the deficit in half of the was an office the gap between the revenue it took in 2.5 trillion of taxes but spent 3.5 trillion it is now going to hit the limit before the year is out. the each of $51,000. debt ceiling debate anybody? look at those numbers. of the nobel peace prize has done it again. none other than the european union. despite the debt crisis and poor fostering peace and democracy. joining me now is john browne he believes they do not deserve the award. we also have the opposing view. richard, i will read the review of the european union for over six decades continue to the event apiece and reconciliation and human-rights in europe. why do you think they chose the e.u.? >> first, you and i are young but if you look back 70 years they only had the balkans war. europe has been saved and pay it -- peaceful. is a little aspiration all. that the european union do more. >> should you have the economies that were also? >> piece was insured by nato and the deterrent combined with the united kingdom
washington has run four straight years of trillion dollar deficit he has not cut the deficit in half of the was an office the gap between the revenue it took in 2.5 trillion of taxes but spent 3.5 trillion it is now going to hit the limit before the year is out. the each of $51,000. debt ceiling debate anybody? look at those numbers. of the nobel peace prize has done it again. none other than the european union. despite the debt crisis and poor fostering peace and democracy. joining me now is...
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-- new deficit neutral. in other words, no cost to the deficit and cutting $5 trillion mainly for the wealthy. let's watch. >> with regards to that tax cut, look, i'm not looking to cut massive taxes and to reduce the revenues going to the government. my number one principle is there will be no tax cut that adds to the deficit. i want to underline that. no tax cut that adds to the deficit. >> his running mate just dates before, paul ryan directly contradicted romney. ryan said lowering the tax rates was more important than anything else, including getting rid of those deductions to pay for them supposedly. let's watch. >> what's most important to romney, would he scale back on the 20% tax cut for the wealthy? would he scale back and say, okay, we're going to have to raise taxes for the middle class? i guess the question is what's most important to him in his tax reform plan -- >> keeping tax rates down. by lowering tax rates, people keep more of the next dollar they earn. >> that's more important -- >> that'
-- new deficit neutral. in other words, no cost to the deficit and cutting $5 trillion mainly for the wealthy. let's watch. >> with regards to that tax cut, look, i'm not looking to cut massive taxes and to reduce the revenues going to the government. my number one principle is there will be no tax cut that adds to the deficit. i want to underline that. no tax cut that adds to the deficit. >> his running mate just dates before, paul ryan directly contradicted romney. ryan said...
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it was an interesting conversation where we talked about the fiscal cliff, resolving the deficit, and got inside goldman's business a bit. a lot of it was concerned with the warnings. >> if we do nothing, next year you'll have the rate of growth slow to somewhere like 3 to 5%. you'll have unemployment go up another 2% to around above 9%, and 2 million more people will lose their jobs. and we're doing nothing about it. >> it's very serious. i think the candidates know how serious it is. i think they're trying to avoid it, maybe in part because it is so consequential and serious. maybe the ideas that would have to be put forward will be unattractive to some people. obviously we're in a position where new discipline is going to have to be imposed. people are going to be disappointed in the consequence. >> they worship the god of re-election. they're figuring that out and how to duck every hot issue before november 6th. then erskine says the whirlpool of $7 trillion is going to hit us like a rainstorm. >> people are never going to understand how critical this particular time in history is
it was an interesting conversation where we talked about the fiscal cliff, resolving the deficit, and got inside goldman's business a bit. a lot of it was concerned with the warnings. >> if we do nothing, next year you'll have the rate of growth slow to somewhere like 3 to 5%. you'll have unemployment go up another 2% to around above 9%, and 2 million more people will lose their jobs. and we're doing nothing about it. >> it's very serious. i think the candidates know how serious it...
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he said this is the way to look at the deficit. every dollar that we use -- spend for all of our wars is borrowed. that's a great way to get the idea across to the people how serious the deficit problem is. mr. simpson had a great comment. he said we used to think that no congress could be this stupid but i think we were wrong. i'm paraphrasing a little bit but they're putting some pressure on them now. >> i think they're being joined by a number of ceos around the country. the question is whether or not in this type of election year the pressure that is on congress and senators -- i don't know whether it is going to do any good. >> did lloyd blankfein look comfortable or not? i have not seen him look so relaxed. >> speaking of mr. blankfein, folks, i thought it was very interesting when he said i'm more worried about the next five months than i am about the next five years. on that he seems relatively optimistic. he was more optimistic maybe than we might have anticipated on europe. he thought china had had
he said this is the way to look at the deficit. every dollar that we use -- spend for all of our wars is borrowed. that's a great way to get the idea across to the people how serious the deficit problem is. mr. simpson had a great comment. he said we used to think that no congress could be this stupid but i think we were wrong. i'm paraphrasing a little bit but they're putting some pressure on them now. >> i think they're being joined by a number of ceos around the country. the question...
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it's not the deficit, it's the economy, wall street, meltdown. he starts talking about we put iraq, afghanistan, wars that biden himself voted for, he went down the wrong route after introducing a good point there. >> paul ryan didn't push him on that, wasn't quick enough to recognize -- >> you voted to are that, sir. >> that would have been painful. the stimulus letter discussion was absolutely devastating. >> i love my friend here. i'm not allowed to show letters. go on our website. he sent me two letters saying, by the way, can you send me stimulus money for companies here in the state of wisconsin? we sent millions of dollars. >> you did ask for stimulus money? >> on two oaks we advocated for constituents who were applying for grants. that's what we do. we do that for all constituents. >> i love that. i love that. >> i love that, too. once again, obstructionist republicans opposing policies that they actually support and know will be valuable for americans. >> the romney team had a bit of an issue this week, romney had a multiple choice situa
it's not the deficit, it's the economy, wall street, meltdown. he starts talking about we put iraq, afghanistan, wars that biden himself voted for, he went down the wrong route after introducing a good point there. >> paul ryan didn't push him on that, wasn't quick enough to recognize -- >> you voted to are that, sir. >> that would have been painful. the stimulus letter discussion was absolutely devastating. >> i love my friend here. i'm not allowed to show letters. go...
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so mitt romney will cut the deficit by doing something that will add to the deficit. the other thing he brought up, pbs. the only specific that mitt romney gave in terms of how he will cut the deficit. the only detail he provided was that he would eliminate 1/100th of 1% of the budget. there have been lots of attempts to put the number in sper perspective. here's more. >> the federal share of the corporation for public broadcasting is about $450 million this year. that $450 million is about what the pentagon spends every six hours. >> six hours. to be clear, mr. romney and mr. ryan's idea for the deficit to save the country from fiscal disaster and pay for the stuff they want to do that's really expensive, their plan is to eliminate six hour's worth of defense spending. one-fourth of one day's worth of defense spending. at the same time, to make overall defense spending go like this. because, you know, they are the numbers guys. math. measure the growth of chn by the way they clean themselves in the bathroom. try charmin ultra strong. with a new duraclean texture, it
so mitt romney will cut the deficit by doing something that will add to the deficit. the other thing he brought up, pbs. the only specific that mitt romney gave in terms of how he will cut the deficit. the only detail he provided was that he would eliminate 1/100th of 1% of the budget. there have been lots of attempts to put the number in sper perspective. here's more. >> the federal share of the corporation for public broadcasting is about $450 million this year. that $450 million is...
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mitt romney has erased his eight-point deficit and he has turned entitle a four-point lead in that poll. what happened in the race all of a sudden to cause that sort of a jump? well, right here was the first presidential debate that happened last week. so before we had numbers that reflected the post-convention bounce for the democratic side. what you're looking at after that is the post-debate bounce for the republican side. we are actually still experiencing mitt romney's post-debate bounce. it is not over. every new national poll released today shows mr. romney either leading president obama or tied with him. this is what a post-debate bounce looks like. for all the democratic hand wringing going on right now, here's essentially what happened in the last month. the race was tight and president obama got a post-convention bounce and went out ahead and then mitt romney erased that and we are back where we started. democrats are hoping that the mitt romney post-debate bounce ends tomorrow. democrats are hoping that we are about to have a new seismic event in this campaign in tomorrow's
mitt romney has erased his eight-point deficit and he has turned entitle a four-point lead in that poll. what happened in the race all of a sudden to cause that sort of a jump? well, right here was the first presidential debate that happened last week. so before we had numbers that reflected the post-convention bounce for the democratic side. what you're looking at after that is the post-debate bounce for the republican side. we are actually still experiencing mitt romney's post-debate bounce....
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you've got these crippling deficits, anemic jobs. you've got romney's plan to reverse that. on foreign affairs, you've got a failed foreign policy. yes, they've done more drone attacks, which is good. yes, osama bin laden is dead, which is good. but whether you deal with russia, china or throughout the broader middle east, you have a disaster. we saw that in the killing of the american ambassador in benghazi and a fundamental misunderstanding. >> i want to get to some other issues. i want to get to larger question, which is what is a romney foreign policy? what is going to be different about it than president bush's? less sort of the quote unquote freedom agenda? >> what you're going to have is a foreign policy that's been in the bipartson tradition of strength from kennedy and beyond. one that believes you need a strong economy. you need to have leadership. america's better off and the world is better off when america leads as "the washington post" editorial said today. there's a vacuum in syria. there's a vacuum in the middle east and forces unfriendly to the united states
you've got these crippling deficits, anemic jobs. you've got romney's plan to reverse that. on foreign affairs, you've got a failed foreign policy. yes, they've done more drone attacks, which is good. yes, osama bin laden is dead, which is good. but whether you deal with russia, china or throughout the broader middle east, you have a disaster. we saw that in the killing of the american ambassador in benghazi and a fundamental misunderstanding. >> i want to get to some other issues. i want...
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they've got some deficits they need to overcome. i want to go over a couple other numbers. it's all about the honesty and the truthfulness and then the consistency. let's start with the honest and truthful aspect. there you have obama leading romney 44-39 when it comes to just how honest and truthful you think these candidates are. then when it comes to consistency, which the obama campaign has been hammering away on what they perceive as flip-flops, 47-37. that is what some people, hogan, my dear friend, former intern, which i always like to disclose, is a trust deficit. is it? >> well, so much of american politics is based on do i know you, do i trust you and do i like you? those are some damaging numbers for governor romney for sure. but look, the fact of the matter is he crushed president obama in that debate and these numbers are reflecting what a lot of people saw, and that was a stereotype that had been lined out about governor romney that he was some cold heartless businessman. he turned that on its ear. conversely, one of the stereotypes out for president obama is
they've got some deficits they need to overcome. i want to go over a couple other numbers. it's all about the honesty and the truthfulness and then the consistency. let's start with the honest and truthful aspect. there you have obama leading romney 44-39 when it comes to just how honest and truthful you think these candidates are. then when it comes to consistency, which the obama campaign has been hammering away on what they perceive as flip-flops, 47-37. that is what some people, hogan, my...
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and the deficit gets with bigger and the deficit gets bigger. >> raise taxes and-- >> we've got, okay, adam. can you break this? what do you think? which side are you on here, a fiscal cliff, how do we address this, higher taxes, lower taxes? >> we won't have a sequester for more than a few days. i can see it happening, but it won't last very long. what we have to have higher taxes. >> no, come on. >> and we know that, we will. >> all right i tell you what-- >> you know what, we'll have double dip recession. >> we may be going there anyway. >> all right, i tell what you, guys, we may, to adam's point have it for a couple of days, but tell you charlie the only reason we will have it for a couple of days the markets would react if this things started. >> i agree. why would the markets react if you're going to do something-- >> got you there. >> and the same way it reacted last year when we talked about double dip recession. >> that was a default. >> and cut spending, charlie, the economy-- >> and everyone made great points, by the way, neil is not waiting around for lawmakers for this f
and the deficit gets with bigger and the deficit gets bigger. >> raise taxes and-- >> we've got, okay, adam. can you break this? what do you think? which side are you on here, a fiscal cliff, how do we address this, higher taxes, lower taxes? >> we won't have a sequester for more than a few days. i can see it happening, but it won't last very long. what we have to have higher taxes. >> no, come on. >> and we know that, we will. >> all right i tell you what--...
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the economic crisis, the world crisis, and we lost kind of the jobs that we had created, the budget deficit went up again through the roof, all of those things. but that's why i created also the schwarzenegger institute at usc, so that i can continue on those policies and solve problems in the future, even though i'm out of office. so continuing to be a public servant. >> people have been hard on mitt romney, being rich and successful. what do you think of that? are you surprised that america, the country that gave you the opportunity to become what you are, they would now turn on somebody who has accomplished what they used to call the american dream. >> as you know, john f. kennedy came from a very rich family, but the democrats don't want to talk about that. >> to be honest, i can't take the other side for real. they don't believe that that is a bad thing that he was successful. nor does i think the romney side think sometimes what they accuse obama of. you cannot take this seriously. this is a political year, there's a campaign going on. they will try to do anything they can and especia
the economic crisis, the world crisis, and we lost kind of the jobs that we had created, the budget deficit went up again through the roof, all of those things. but that's why i created also the schwarzenegger institute at usc, so that i can continue on those policies and solve problems in the future, even though i'm out of office. so continuing to be a public servant. >> people have been hard on mitt romney, being rich and successful. what do you think of that? are you surprised that...
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Oct 11, 2012
10/12
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he said he was going to cut the deficit in half. that is trust. if a politician changes his position on issues do you see it as a cynical exercise? >> no. listen, i hear what you are saying. i think it is possible to learn things about legislation and determine things as you go through lift and you can change your mind. yes, i think that is possible. but what i don't think is possible is for a president to made grandious promises knowing the condition of where we were headed saying that he would fix this economy not even coming close to his promises, that is different. i would say this is a record of makes and breaking promises. and that is why you can't stand in front of a debate moderator for 90 minutes and make the case for the people. he didn't have a bat night, he is not capable of bringing a game. >> thank you for joining me. here now with the other side is debby. doesn't he have no game? >> well, you know, it is not surprising that my counter part is being critical of president obama when he's got his own candidate as you said this isn't et
he said he was going to cut the deficit in half. that is trust. if a politician changes his position on issues do you see it as a cynical exercise? >> no. listen, i hear what you are saying. i think it is possible to learn things about legislation and determine things as you go through lift and you can change your mind. yes, i think that is possible. but what i don't think is possible is for a president to made grandious promises knowing the condition of where we were headed saying that...
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Oct 10, 2012
10/12
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i am going to blow the deficit up even larger. and by the way, all republicans, almost all republicans nationwide said we want to repeal row-wade and now says actually if you elect me, no chance. >> if we get too much caught up on him being moderate or being conservative, i'm not sure that the democrats taking advantage. where they've taken advantage is show him as someone without a consistent point of view willing to say anything because the president has to be someone who makes tough decisions even when they're unpop ulular. we'll see if that plays out. >> the bottom line he is more conservative than president obama. >> are you sure? >> absolutely. and conservatives know with a mitt romney in the white house they will get more conservative judges in federal positions. they will get -- they probably won't get, you know, the executive orders allowing international funding of abortion. that's the choice. >> that is true. of course that's true. but nobody has a problem with someone changing their mind given new information or a new
i am going to blow the deficit up even larger. and by the way, all republicans, almost all republicans nationwide said we want to repeal row-wade and now says actually if you elect me, no chance. >> if we get too much caught up on him being moderate or being conservative, i'm not sure that the democrats taking advantage. where they've taken advantage is show him as someone without a consistent point of view willing to say anything because the president has to be someone who makes tough...
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Oct 14, 2012
10/12
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CNN
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because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? capella university understands back from rough economic times. employees are being forced to do more with less. and the need for capable leaders is greater than ever. when you see these problems do you take a step back, or do you want to dive right in? with a degree in business from capella university, you'll have the knowledge to go further in your career than you ever thought possible. let's get started at capella.edu tyou wouldn't want your adoctor doing your job, hello... so why are you doing hers? only your doctor can determine if your persistent heartburn is actually something more serious like acid reflux disease. over time, stomach acid can damage the lining of your esophagus. for many, prescription nexium not only provides 24-hour heartburn relief, but can also help heal acid-related erosions in the lining of your esophagus. talk to your doctor about the risk for osteoporosis-related bone fractures
because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? capella university understands back from rough economic times. employees are being forced to do more with less. and the need for capable leaders is greater than ever. when you see these problems do you take a step back, or do you want to dive right in? with a degree in business from capella university, you'll have the...
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this week it recorded the biggest straight deficit in four years. why? prices of iron ore and coal are down because of china slowing demand. china's unprecedented rise has brought with it a boon for resource-rich countries. as china's growth slows, the party is going to wind down. even the united states is not immune. i was struck by a report in "the wall street journal" this week that said u.s. exports to china of coal used in steel making grew six fold in 2009. they grew six fold again in 2010. 600% rises. but as china's steel industry faces a loss this year, demand for u.s. coal has slowed. that's contributed to layoffs for hundreds of coal miners in the state of west virginia. thousands of miners will have their penguision and benefits reduced. all of these ripple effects lead back to china. to give you a sense of its important, look at the market for metals. according to the world bank, china's consumption of refined metals has jumped 17 times since 1990. its share of global consumption of these metals jumped from 5% to 41%. over the last decade, wh
this week it recorded the biggest straight deficit in four years. why? prices of iron ore and coal are down because of china slowing demand. china's unprecedented rise has brought with it a boon for resource-rich countries. as china's growth slows, the party is going to wind down. even the united states is not immune. i was struck by a report in "the wall street journal" this week that said u.s. exports to china of coal used in steel making grew six fold in 2009. they grew six fold...
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Oct 8, 2012
10/12
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CNBC
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before we get to the deficit and all of the debates last week. were you depressed, unhappy, miserable? give us an adjective. >> well one, i'm not depressed. i see joe smiling. he's not going to yell at me today. >> there's a number of polls, an enthusiasm gap. >> i wouldn't say that. governor romney had a very good debate, no question, he put on a great show, but to me i think we should be focusing, this is a business show on friday's unemployment number, which was a great number, and not a surprise, based on what the economy's been doing over the last three years. >> 114,000 is not a great number. >> 140,000 on average over the last six months. >> what came out on friday was below expectations for 114,000. >> you know what revisions has done each month so we should look to see where the revisions are. i think if you look over this year, you're averaging about 140,000, i think we should -- >> 140,000 is anemic and not enough to bring down the rate even though it has somehow. >> i would look at it differently. i think over the last three years the
before we get to the deficit and all of the debates last week. were you depressed, unhappy, miserable? give us an adjective. >> well one, i'm not depressed. i see joe smiling. he's not going to yell at me today. >> there's a number of polls, an enthusiasm gap. >> i wouldn't say that. governor romney had a very good debate, no question, he put on a great show, but to me i think we should be focusing, this is a business show on friday's unemployment number, which was a great...
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Oct 13, 2012
10/12
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we have a trillion deficit. why are we reducing tax rates at all. let's use it to our deficit reduction rather than lowering rates at the top. >> you know this as i did. when biden kept talking about raising taxes for people making a million or more as opposed to $250,000. >> that's a chuck schumer idea as well coming from new york. >> but all this should tell us is that before people go to the voting boothss, they're not going to know the answers to these questions. everyone would like to know the answers to these questions, but you have professional groups disagreeing about the economic impact of these things. so we don't really know. >> we have more clarity on the spending side where romney has said he wants to limit federal spending which would mean significant reductions in what the federal government does on a whole variety of fronts. even romney has said $500 billion a year in cuts by 2016. so that is a major difference that's out there. >> that's easier said than done as we know from covering congress for many years. >> and big bird is obvio
we have a trillion deficit. why are we reducing tax rates at all. let's use it to our deficit reduction rather than lowering rates at the top. >> you know this as i did. when biden kept talking about raising taxes for people making a million or more as opposed to $250,000. >> that's a chuck schumer idea as well coming from new york. >> but all this should tell us is that before people go to the voting boothss, they're not going to know the answers to these questions. everyone...
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Oct 9, 2012
10/12
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WBAL
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just over 25 inches for the year and we're running a deficit of over 7 inches. the high today, 15 degrees below the average of 69. the record low below freezing in 2001. it is chilly and 53 at the inner harbor. at the eastern shore, temperatures are cool. we're running into the low 50's. there you see the cold producing this out today in the mountains. 34 in oakland. there are freeze warnings in effect for the western sliver of allegheny county and into the mountains of west virginia. we will stay here, mainly cloudy and a chance of a brief sprinkle. this weather disturbances in the upper levels of the atmosphere. it is moving east and it will take the showers offshore. we may get a break for two in the clouds before the next front roles in wednesday afternoon. there will be important for the orioles heading of i-95 to new york. a few breaks in the cloud cover. temperatures will recover. here comes the next front and there are some showers in the catskills west of new york at 7. we should clear out most of the mid-atlantic and northeast going into thursday. for
just over 25 inches for the year and we're running a deficit of over 7 inches. the high today, 15 degrees below the average of 69. the record low below freezing in 2001. it is chilly and 53 at the inner harbor. at the eastern shore, temperatures are cool. we're running into the low 50's. there you see the cold producing this out today in the mountains. 34 in oakland. there are freeze warnings in effect for the western sliver of allegheny county and into the mountains of west virginia. we will...
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Oct 12, 2012
10/12
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. >> 180% of gdp, their deficit. we're 9%. so always a good idea to spend more money than you're take manage to try to get out of a recession. that's where you're at right now. so what you're doing is a government telling you that there will be inflation, we're going to keep interest rates very low. what that does, it encourages corporations to invest. the corporation sitting there with $2 trillion on their balance sheets and what they have to do, they have to invest to create jobs. the government is saying you can leave it there and wait for a disaster, but if you do, it will go down in value 4% every year and, therefore, encourage people to lower the dollar. that makes products worth more. so we're trying to encourage people to build products and plants. >> we had lloyd blankfein and simpson and bowles talking about the fiscal cliff. this is what lloyd blankfein had to say. >> i'd be a buyer of the market. goldman sachs would -- we not only value company, we're a company ourselves. we would be assuming that our business woul
. >> 180% of gdp, their deficit. we're 9%. so always a good idea to spend more money than you're take manage to try to get out of a recession. that's where you're at right now. so what you're doing is a government telling you that there will be inflation, we're going to keep interest rates very low. what that does, it encourages corporations to invest. the corporation sitting there with $2 trillion on their balance sheets and what they have to do, they have to invest to create jobs. the...
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Oct 10, 2012
10/12
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WGN
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tony pÉrez a gun rights supporter is tired of paying up when it comes to county, state and federal deficits. the middle class is doing it all the time to bail everybody out. recent statistics show that one-third of all guns found on chicago streets were bought in the suburbs this while the homicide rate is up 25% from this time last year. more than 9000 inmates feel an already overcrowded cook county jail at a cost of $143 each per day. why would they want to pay more than they already pay?. the cook county board president will unveil some hard figures at the budget address next week. the reason behind a stabbing on southwest side pizza place police accuse the 19 year-old of stabbing a woman with a box cutter november 30th they say the victims with a man who complained to a manager after he took his salad plate away without asking he threatened the man pulled out the box cover in stabbed a woman a woman was treated and released at a local hospital. union reps in school district officials worked late last night trying to hammer out a new labor contract both sides say there are labor contract
tony pÉrez a gun rights supporter is tired of paying up when it comes to county, state and federal deficits. the middle class is doing it all the time to bail everybody out. recent statistics show that one-third of all guns found on chicago streets were bought in the suburbs this while the homicide rate is up 25% from this time last year. more than 9000 inmates feel an already overcrowded cook county jail at a cost of $143 each per day. why would they want to pay more than they already pay?....
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Oct 13, 2012
10/12
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WJLA
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obama's four deficits are the four largest in us history. he's adding almost as much debt as all 43 previous presidents -- combined. and over 30 cents of every dollar obama spends is borrowed. much of it from countries like china. he's not just wasting money, he's borrowing it and then wasting it. we can't afford four moreears. [ romney ] i'm mitt romney and i approve this message. >>> jaguars get sports cars named after them. pandas get top billing in environmental fund-raisers and then there are the critters that are the butt of the joke in a chain e-mail. but abc's matt gutman met one woman who believes even the most homeliest animals need love, too. >> reporter: they are the mythical creatures lurking in the shallows of the amazon. just bit me in the leg! >> i thought that was you rubbing my leg with your foot! >> reporter: brazil's fabled pink river dolphins, up to ten feet long. wild. powerful. and, let's fate, seriously ugly. just look at that pback, the h k hooked nose, the whiskers. do they have plastic surgery here? but as luzieucy
obama's four deficits are the four largest in us history. he's adding almost as much debt as all 43 previous presidents -- combined. and over 30 cents of every dollar obama spends is borrowed. much of it from countries like china. he's not just wasting money, he's borrowing it and then wasting it. we can't afford four moreears. [ romney ] i'm mitt romney and i approve this message. >>> jaguars get sports cars named after them. pandas get top billing in environmental fund-raisers and...
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it was not an $8 billion deficit. >> ted, everybody is lying according to you. $250 million. >> only the republicans. >> auto industry is exceedingly important in the state, but if you look at where ohio has grown in job creation since kasich became governor, it has been in manufacturing. we have had significant growth in jobs. say, 123,000 new jobs. those have not been in the job -- in the auto industry. auto industry has not gone up. so if you look at what kasich has done, he's made a real difference. he has the same philosophy and will do the same thing that mitt romney will do as president. lower taxes, less regulation, balance the budget. these are things that make a difference. the other thing that romney will do that the president is not doing and simply, frankly, is incapable of doing, i served with him for two years in the u.s. senate. nice guy. talented. horribly partisan. what mitt romney will do as president is the same thing that ronald reagan did and, frankly, bill clinton did. hold your principles. be tough. in the end you know you have to negotiate, and that's the onl
it was not an $8 billion deficit. >> ted, everybody is lying according to you. $250 million. >> only the republicans. >> auto industry is exceedingly important in the state, but if you look at where ohio has grown in job creation since kasich became governor, it has been in manufacturing. we have had significant growth in jobs. say, 123,000 new jobs. those have not been in the job -- in the auto industry. auto industry has not gone up. so if you look at what kasich has done,...
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Oct 10, 2012
10/12
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widgets we're building that end up in inventory, what ultimately happens to them, how do they alter deficits and gdp, it's a good number and we still have jolts coming up in five minutes. melissa lee back to you. >> thank you very much, rick santelli. let's take a check on the markets, not too much of a market reaction as for now. the s&p 500 holding steady at 1,439, the dow down by 39 points and the nasdaq eeking out a gain by 0.3 of a point. we are seeing weak innocence energy. oil prices are higher but we have weakness in the energy shares down by 0.9%. probably pressured by the chevron warning that came out yesterday after the bell. >> let's get to the road map for the next hour. is the consumer back on top and here to stay? costco beating the street's estimates as fourth quarter earnings up 27% on some higher membership fees while yum! brands brushes off some of the china fears. >> walmart going straight for amazon's jugular in time for the holiday season. it will launch same-day delivery for goods purchased online so as the rivalry grows, who will come out on top? >> toyota recalling n
widgets we're building that end up in inventory, what ultimately happens to them, how do they alter deficits and gdp, it's a good number and we still have jolts coming up in five minutes. melissa lee back to you. >> thank you very much, rick santelli. let's take a check on the markets, not too much of a market reaction as for now. the s&p 500 holding steady at 1,439, the dow down by 39 points and the nasdaq eeking out a gain by 0.3 of a point. we are seeing weak innocence energy. oil...
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Oct 10, 2012
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but 2% gdp growth after you get to an almost 10% deficit spend of $3 trillion out of deficit stimulus, it's not robust growth. what happens in this election is important. clearly people have to get out and vote. what's going to happen on this groundwork and infrastructure of our economy over the next four years is going to be crucial for future generations. >>. no, it's not about infrastructure. it has nothing to do with infrastructure. david, it has to do with mitt romney's brilliant tax reform plan to lower the rates and broaden the base and cap the deductions. we're going to talk about that in the next segment with arthur laffer and jared bernstein. but don't you think there's potential here for a political and economic revolution? and if a pro-growth revolution comes, american entrepreneurs, american small businessmen and women are poised, they are poised to torque up the animal spirits and give this a great lift. i think people in the stock market are missing this, david goldman. >> larry, markets have never been good about predicting elections and discounted them. but the fact i
but 2% gdp growth after you get to an almost 10% deficit spend of $3 trillion out of deficit stimulus, it's not robust growth. what happens in this election is important. clearly people have to get out and vote. what's going to happen on this groundwork and infrastructure of our economy over the next four years is going to be crucial for future generations. >>. no, it's not about infrastructure. it has nothing to do with infrastructure. david, it has to do with mitt romney's brilliant tax...
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Oct 12, 2012
10/12
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CNN
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even in the early '80s, the budget deficit was a lot smaller. that's the key reason i'd be concerned. i think tax reform is a good idea. doug is right. we need to have tax reform, but we need tax reform that raises enough revenue to lower tax rates and also goes to reducing future budget deficit because if we don't get the deficits down, lower tax rates aren't going help us. >> and doug, do you think it's fair to say, romney ryan have been saying they think a 3% growth is reasonable. do you think it is? because for in of this math to work out and this whole argument everybody's having about whether they can cut taxes and close enough loopholes, they are counting on economic growth on being part of making up that difference. will it? >> you can't say for sure because good tax policy does t matter. t not the only thing going on out there and you would have to have a displn palestinianed, economic policy. we have a serious threat to the economy from existed and projected debt. it is different from the era of reagan in that debt is not being driven
even in the early '80s, the budget deficit was a lot smaller. that's the key reason i'd be concerned. i think tax reform is a good idea. doug is right. we need to have tax reform, but we need tax reform that raises enough revenue to lower tax rates and also goes to reducing future budget deficit because if we don't get the deficits down, lower tax rates aren't going help us. >> and doug, do you think it's fair to say, romney ryan have been saying they think a 3% growth is reasonable. do...